Hong Kong Land brings aggressive bond debut

The sheer scale and strength of demand for what started out as a $300 million transaction has surprised even the lead managers and borrower.

Having started roadshows with the intention of pricing a $300 million 10 year deal at a 10bp to 15bp premium to Hutchison Whampoa, Hong Kong Land has ended them with a $600 million deal 4bp through Hutch and without a new issue premium. For those who doubted the wisdom or veracity of opting for such an aggressive benchmark, a final order book just shy of $2.5 billion would seem to suggest otherwise.

Relative to initial issue size, Hong Kong...

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